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Benchmarking the Industry: The Best Practices Study

Learn best practices from top agencies and gain insight into developing a Best Practices agency culture. In Part 1 of this webinar series, discover key findings from the latest Best Practices Agency study, gain insights on benchmarks for the highest performing agencies in the industry and learn about the tools you can leverage to improve agency performance and value.

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Expanding Access to Markets and Automating Servicing: See What Agents Think

Discover what agents think about automated insurer connectivity, including eDocs and Messages and Claims download. Learn why automating distribution and servicing of insurance products ultimately drives more business opportunities for you.

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ChurchWest Doubles in Premium with Added Efficiencies from Applied Epic

When partnering with one of their insurers, ChurchWest Insurance Services faced a challenge of needing to manage two agencies within one management system. Read the case study to discover how the agency now leverages one system to seamlessly manage both sets of data and create other efficiencies to quickly ramp up the business.

General Liability:Q1 premium renewal rate change experienced an uptick at 2.01% compared to Q4 which averaged 1.86%. General Liability renewal rate reached 2.24% at the end of March.

Commercial Property:Q1 premium renewal rate change increased quarter-over-quarter, with an average rate change of 3.11% as compared to 2.91% in Q4 of last year.

Umbrella:Quarter premium renewal rate change spiked in March, finishing the quarter at 2.13% and increasing the Q1 average to 1.49% from 1.34% in Q4.

Workers’ Compensation:Premium renewal rate change dipped again in Q1, averaging at -2.47% as compared to -2.32% in Q4.

“Quarter-over-quarter, premium renewal rate change continues to show significant positive momentum across the majority of commercial lines,” said Brian Wood, vice president of IVANS Markets. “The IVANS Index continues to serve as a product and pricing tool for insurers and provides the industry’s only data-driven insights for agencies as they provide customers’ renewal guidance.”

Released on a monthly basis, IVANS Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. Analyzing more than 120 million data transactions, the IVANS Index premium renewal rate change measures the premium difference year over year for a single consistent policy. Inclusive of more than 30,000 agencies and 380 insurers and MGAs, the IVANS Index is reflective of the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market. IVANS Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.

About IVANSIVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies, and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 30 years, IVANS innovation and expertise has connected 30,000 independent insurance agencies and 380 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.

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